Section 2 Real Estate Questions

Which of these properties are exempt from the FIRREA federal appraisal guidelines?

•   Properties valued at $400,000 or less

•   Properties valued at $450,000 or less

•   Properties valued at $500,000 or less

•   Refinanced properties

Which board determines the national rules for creating an appraisal and reporting its results?

•   Appraisal Practices Board

•   Appraisal Qualifications Board

  
  

•   Appraisal Standards Board

•   Texas Appraiser Licensing and Certification Board

Which classification of appraiser can perform appraisals of simple residential one- to four-unit properties with a value less than $1 million, but not of properties with greater value?

•   Appraiser trainee

•   Certified general appraiser

•   Certified residential appraiser

  
  

•   Licensed appraiser

Which of the following properties is exempt from the FIRREA federal appraisal guidelines?

•   A refinance of a property valued at $375,000

•   A refinance of a property valued at $475,000

•   The purchase of a property valued at $455,000

•   The purchase of a property valued at $475,000

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Appraiser Jamie is looking past how a property is being used to determine a higher value. What is Jamie determining?

•   Cost to replace

  
  

•   Highest and best use

•   Loan value

•   Value in use

Appraiser Victor is determining the insured value of a property. What is he evaluating?

•   Items of great importance to a lender to replace or rebuild

  
  

•   The cost to replace or rebuild a property

•   The price at which the property can be loaned on or sold at a foreclosure sale

•   The return on investment the property may provide

Which of the following is a piece of specific data an appraiser may gather?

•   Cost of living

•   Employment figures

•   Population size

  
  

•   Property lot size

Your client is purchasing a single-family home with a VA-guaranteed loan. The listing price is $150,000. Is an appraisal by a certified appraiser required?

•   It’s at the buyer’s discretion.

•   No, since the buyer is using a VA loan.

•   No, since the sales price is less than $400,000.

  
  

•   Yes, and since the purchase is financed with a VA-guaranteed loan, the appraiser must be VA certified.
  

A fire destroyed Meredith’s house. Meredith contacted her insurance company, and she was shocked to learn her insurance policy didn’t fully cover what she paid for the property. How does the insurance company determine the replacement value of her home?

•   Its current market value

•   The amount for which it was appraised

  
  

•   The amount it would cost to completely replace her home

•   The original sales price when it was first constructed

There are a lot more sellers than buyers in the current market. How does this demand influence value?

•   Demand doesn’t influence value.

  
  

•   Value is pushed downward.

•   Value is pushed upward.

•   Value remains the same.